Damages May Reach Billions As NYAG Files More Suits; Large Firms Positioned for New Marketing Rules: Roundup

Wall Street firms face billions in potential damages after New York State AG Eric Schneiderman brought civil charges against JPMorgan this week for mortgage-packaging standards at Bear Stearns, which JPMorgan acquired in 2008. The lawsuit, which has been criticized for offering little new information, is the first tort filed by a federal-state task force formed by President Barack Obama earlier this year. Mr. Schneiderman said yesterday that other suits would follow.

From engineering financial instruments to building the world’s biggest Ferris wheel, climb aboard with Matt Chaban for former Bear Stearns Asset Management CEO Richard Marin’s wild ride.

Former Wells Fargo Chairman Dick Kovacevich will not abide arguments that the U.S. government bailed out his bank, especially not in his country club’s men’s dining room.

Large firms such as BlackRock are best positioned to take advantage of JOBS Act provisions that would lift the ban on advertising by private investment firms, Bloomberg reports. One reason: bigger money managers already have marketers on staff to work on products such as mutual funds.

Best Buy founder Richard Schulze is pressing ahead with plans to take the firm private, Reuters says.

The developing world needs Wall Street, but Chelsea Clinton doesn’t, the former first daughter told Bloomberg. “It was incredibly, fiercely meritocratic, and I loved that,” said Ms. Clinton, who worked at Avenue Capital from 2006 to 2009 before leaving to pursue degrees in public health. “That wasn’t the metric I wanted to judge my life by in a professional sense.”

The children of billionaire Charlie Munger—Warren Buffett’s business partner—are dogging California Governor Jerry Brown’s re-election campaign.

Politicians are stretching the truth to paint their opponents with the Wall Street brush.

About 2,400 “jobless millionaires” are collecting unemployment checks, according to The New York Post.

Thinning hair = weak; bald pate = powerful, according to a Wharton prof.